The Nigerian economy is confirming its renewed momentum. In the second quarter of 2026, the country's real gross domestic product (GDP) grew by 4.43% year-on-year, compared with 3.89% in the first quarter, according to data published on Monday, August 31, by the National Bureau of Statistics (NBS).
This performance also marks an improvement compared with the second quarter of 2025, when growth stood at 4.23%.
Agriculture and Services Leading the Way
Economic growth was mainly supported by agriculture and services. The agricultural sector recorded growth of 4.39%, compared with 2.82% a year earlier.
Services also confirmed their role as a key driver, with year-on-year growth of 4.60%. They accounted for 56.62% of real GDP in the second quarter, compared with 56.53% during the same period in 2025.
By contrast, industry lost momentum. Its growth stood at 3.96%, compared with 7.46% a year earlier, reflecting a significant slowdown in its pace of expansion.
Oil Regains Momentum
The oil sector, for its part, accelerated significantly. Its growth rose from 2.57% in the first quarter of 2026 to 7.31% in the second quarter.
Its contribution to real GDP also increased, reaching 4.16%, compared with 3.92% in the previous quarter.
Despite this improvement, oil remains far behind the non-oil sector, which continues to dominate the Nigerian economy.
The non-oil sector recorded growth of 4.31%, compared with 3.64% a year earlier and 3.94% in the first quarter of 2026. Agriculture, telecommunications, real estate, trade, financial and insurance services, manufacturing — particularly cement production — as well as construction were among the main drivers of this growth.
The non-oil sector thus accounted for 95.84% of real GDP in the second quarter of 2026, compared with 95.95% a year earlier and 96.08% in the first quarter.
More Favorable Signs for the Nigerian Economy
This acceleration comes amid an improvement in several macroeconomic indicators.
At the end of August, Moody's maintained Nigeria's sovereign rating at "B3", while upgrading its outlook from "stable" to "positive." A few months earlier, in May 2026, S&P Global Ratings had upgraded the country's rating from "B-" to "B", notably due to the improvement in its external position.
Nigerian authorities now aim to maintain this momentum. For the whole of 2026, the government forecasts growth of 4.68%, compared with 3.87% in 2025.
This forecast is based notably on the continued slowdown in inflation, greater exchange rate stability and the implementation of structural reforms.
With growth of 4.43% in the second quarter, Nigeria thus appears to be gradually consolidating its economic recovery, although the slowdown in industry remains a point of concern.